Tuesday, April 3, 2001

Iran Seeking $2.5 Billion to Modernize Oil Tankers

3 April 2016

REUTERS/Tim Chong

DUBAI, April 3 (Reuters) – Iran is seeking $2.5 billion investment to modernise its oil tankers fleet following the lifting of sanctions against Tehran, managing director of National Iranian Tanker Company (NITC) was quoted as saying by state news agency IRNA on Saturday.

Iran emerged from years of economic isolation after crippling sanctions were lifted in January in return for Tehran complying with steps to curb its nuclear ambitions.

Reuters reported last month that two Chinese firms were pushing for multi-billion dollar deals with Iran to modernise its shipping fleet and build a high-speed railway.